Performance not met Suning Global real controller compensation 250 million

Every trainee reporter Wang Yu industry suning Global (000718, close 17.27 yuan) today, due to the actual control of the company Zhang Guiping and Zhang Kangli injected the company's Nanjing Pudong Real Estate Development Co., Ltd. (hereinafter referred to as Pudong development) performance is not met, the company will fulfill the prior compensation commitments,　　The amount of compensation is as high as 249 million yuan.　　Raising funds to reduce the impact of project development on the cause of substandard performance, the company said, one is because the 2008 of Pudong development of actual investment and the original plan is very different, the second is due to the international financial crisis and the National Real estate macro-control policy caused by drastic changes in the market environment. The incident also had to be dated back to 2007 when the company purchased assets and directed additional funds in a two-step process. The first step, the company to Zhang Guiping and Zhang Kangli respectively Non-public issue 105 million shares and 87.1441 million shares, for the purchase of its total holdings of Pudong development of 84% of the equity, the shares according to the evaluation value of 5.095 billion yuan, the issue price of 26.45 yuan/share.　　The issue was completed on May 28, 2008.　　The second step to the other specific investors at no less than 23.81 yuan/share of non-public offerings of not more than 197 million shares, the collection of funds not exceeding 4.9 billion yuan, of which 2.048 billion for the implementation of development projects in Pudong. However, the world is difficult to anticipate, because the stock market has undergone great changes, the company October 7, 2008 agreed to the general meeting, the issue price is adjusted to no less than 5.70 yuan.　　November 19, 2008, only 4 specific investors subscribe to 120 million shares of Non-public offerings, the issue price of 5.70 yuan/share, raise funds only 674 million yuan. Therefore, originally planned to use 1.229 billion yuan to raise funds to invest in Pudong development, actually only invested 400 million yuan. Affected by the above factors, the company adjusted the development plan and sales plan.　　2008 planned earnings forecasts for the implementation of the annual delivery plan of 874600 square meters, of which Pudong development 310,000 square meters, adjusted for the annual sales of 546,300 square meters, of which Pudong development 190,000 square meters.　　The company said that although Pudong Development 2008, the profit was not met, but it retains the quality of land reserves, its injection into the listed companies when the land evaluation of 1.51 million yuan per acre, the current land prices with the region is still higher than the assessment price, the company's potential profitability is not affected by the financial crisis, the company's future performance will be a strong guarantee. Total compensation of 249 million yuan in accordance with the current profit commitment, the injection of Pudong development is expected to achieve a net profit of 2008 505 million yuan, 2009 net profit of 564 million yuan, 2010 to achieve net profit of 677 million yuan.　　In view of the SFC's request, Zhang Guiping and Zhang Kangli promised that the actual profit of the 3-year Pudong development is no lower than the forecast. Due to the changes in the international financial situation and other factors, the final Pudong development in 2008 only achieved a profit of 210 million yuan. According to the compensation promise, Zhang Guiping and Zhang Kangli should deal with the publicDivision compensation (5.05-2.10) *84%=2.49 billion.　　The company said the payments would be accounted for by August 4.　　The company also said that Zhang Guiping and Zhang Kangli compensation for listed companies according to the aforementioned compensation provisions will be used as Zhang Guiping and Zhang Kang for the 46% and 38% per cent of their shares in Pudong to subscribe for the price compensation of listed companies for additional shares. For the company's impact on the matter, the company said, the amount of compensation can be more substantial growth in cash flow, net assets, etc., and in view of its 2009, 2010 profit commitments, the company's performance in the next two years will be a strong guarantee.